Intro to Accounting Course

Lesson 1 • Types of Business Entities

Compares sole proprietorships, partnerships, and corporations from an accounting perspective. Highlights how entity type shapes equity reporting.

Lesson 2 • What Accounting Is and Does

Defines accounting as an information system that records, classifies, and reports financial data. Anchors the chapter by showing accounting's role in business decisions.

Lesson 3 • Core Accounting Concepts and Assumptions

Introduces the entity, going-concern, periodicity, and monetary-unit assumptions. These concepts govern every recording decision made throughout the course.

Lesson 4 • Generally Accepted Accounting Principles

Explains the authoritative standards that govern financial reporting and why consistency matters. Students connect principles to real reporting requirements.

Lesson 1 • The Chart of Accounts

Explains how accounts are organised and numbered to reflect the accounting equation. A well-structured chart of accounts enables efficient recording and reporting.

Lesson 2 • Source Documents and Transaction Analysis

Identifies invoices, receipts, and contracts as the evidence behind every entry. Students learn to analyse a transaction before recording it.

Lesson 3 • Journalising Business Transactions

Demonstrates how to record debits and credits in the general journal with proper format. Accurate journalising is the first physical step in the accounting cycle.

Lesson 4 • Posting to the General Ledger

Transfers journal entries to individual T-accounts and running-balance ledger accounts. Posting organises data so account balances can be quickly determined.

Lesson 1 • Accruals: Revenues and Expenses Earned or Incurred

Records revenues earned but not yet billed and expenses incurred but not yet paid. Accruals ensure the income statement reflects all period activity.

Lesson 2 • Preparing the Adjusted Trial Balance

Combines unadjusted balances with adjusting entries to produce the adjusted trial balance. This document is the direct source for all four financial statements.

Lesson 3 • Deferrals: Prepaid Expenses and Unearned Revenue

Explains how to adjust prepaid assets and unearned liability accounts at period end. Students record the expense or revenue portion that belongs to the current period.

Lesson 4 • Depreciation of Long-Term Assets

Introduces straight-line depreciation as the method for allocating asset cost over useful life. Students record depreciation expense and accumulated depreciation correctly.

Lesson 1 • The Income Statement

Constructs a single-step and multi-step income statement from adjusted trial balance data. Students distinguish gross profit, operating income, and net income.

Lesson 2 • Introduction to the Cash Flow Statement

Presents the three activity sections—operating, investing, and financing—and their purpose. Students classify cash flows and understand why net income differs from cash flow.

Lesson 3 • The Statement of Financial Position

Organises assets, liabilities, and equity into a classified statement of financial position at a point in time. Students apply liquidity ordering and distinguish current from long-term items.

Lesson 4 • Closing Entries and the Post-Closing Trial Balance

Resets temporary accounts to zero and transfers net income to retained earnings. Students complete the full accounting cycle by preparing the post-closing trial balance.

Lesson 1 • Merchandising Financial Statements

Prepares a complete multi-step income statement and classified statement of financial position for a merchandiser. Students present inventory on the statement of financial position and compute key ratios.

Lesson 2 • Recording Purchases of Inventory

Covers purchase orders, receiving reports, and journal entries under a perpetual system. Students apply trade discounts and freight-in costs to inventory cost.

Lesson 3 • Merchandising vs. Service Business Accounting

Contrasts the income statement structure of merchandisers with that of service firms. The cost of goods sold section is the key structural difference students must master.

Lesson 4 • Recording Sales of Inventory

Demonstrates the dual entry required for each sale: revenue recognition and cost removal. Students record sales discounts and returns under the perpetual system.

Lesson 1 • Petty Cash Fund Management

Establishes, uses, and replenishes a petty cash fund with proper journal entries. Students record the fund setup, disbursements, and replenishment accurately.

Lesson 2 • Bank Reconciliation

Reconciles the bank statement balance and book balance to the true cash balance. Students identify deposits in transit, outstanding cheques, and bank errors.

Lesson 3 • Principles of Internal Control

Defines internal control and its five components: control environment, risk assessment, control activities, information, and monitoring. Students evaluate control strength.

Lesson 4 • Cash Receipts and Disbursements Controls

Details procedures for controlling cash inflows through registers and lockboxes and outflows through voucher systems. Students identify control weaknesses in scenarios.

Lesson 1 • Current Liabilities: Accounts and Notes Payable

Records accounts payable, short-term notes payable, and accrued liabilities on the statement of financial position. Students distinguish known from estimated current liabilities.

Lesson 2 • Accounts Receivable and Credit Sales

Records credit sales, collections, and the net realisable value of receivables. Students understand why extending credit creates both revenue opportunity and collection risk.

Lesson 3 • Estimating and Recording Bad Debt Expense

Applies the allowance method using percentage-of-sales and ageing approaches. Students record the adjusting entry and write off uncollectible accounts correctly.

Lesson 4 • Payroll Accounting Fundamentals

Calculates gross pay, compulsory withholdings, and employer payroll taxes for a payroll entry. Students prepare the payroll register and record the payroll journal entry.

Lesson 1 • Acquiring and Valuing Long-Term Assets

Determines the cost of property, plant, and equipment including all costs to ready the asset. Students distinguish capital expenditures from revenue expenditures.

Lesson 2 • Equity Transactions

Records ordinary share issuance, treasury share purchases, and cash dividend declarations. Students prepare the equity section of the statement of financial position.

Lesson 3 • Depreciation Methods Compared

Calculates depreciation using straight-line, declining-balance, and units-of-activity methods. Students select the method that best matches an asset's usage pattern.

Lesson 4 • Long-Term Liabilities and Bond Basics

Introduces bonds payable, issuance at par, premium, and discount, and effective-interest amortisation. Students record bond issuance and interest payments accurately.